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🇳🇬 Nigeria /Economy & Trade

CBN allocates two additional crude oil terminals to inspection firm

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • The Central Bank of Nigeria has allocated two additional crude oil export terminals, Cawthorne and Okwok, to Swede Control Intertek Limited, a pre-shipment inspection agent.
  • This allocation, approved by the Federal Government, expands the company's oversight responsibilities in monitoring Nigeria's crude oil exports.
  • The move aims to enhance transparency and accountability in the nation's oil sector, a key source of foreign exchange and government revenue.

The Central Bank of Nigeria (CBN) has expanded the role of Swede Control Intertek Limited, a pre-shipment inspection agent, by allocating two additional crude oil export terminals to the company. The Cawthorne Terminal and Okwok Terminal are now under the oversight of Swede Control Intertek Limited, following an approval from the Federal Government.

A circular issued by the CBN's Trade and Exchange Department on June 15, 2026, informed authorized dealer banks, customs, petroleum regulators, terminal operators, and oil companies about this new arrangement. Pre-shipment inspection agents are crucial in Nigeria's oil export process, verifying export volumes and documentation before shipments depart. Their work supports the monitoring of export proceeds, ensures revenue assurance, and upholds compliance with foreign exchange regulations.

This is to notify all Authorised Dealer Banks, Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Corporation Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, all Terminal operators, all Oil and Gas Companies and the General Public of the Federal Government’s allocation of additional crude oil terminals to Swede Control Intertek Limited.

— Aderinola Shonekan, Director of CBN’s Trade and Exchange DepartmentAnnouncing the allocation of new crude oil terminals to Swede Control Intertek Limited.

This latest allocation is part of broader efforts by the Nigerian government and its regulatory bodies to bolster transparency and accountability in crude oil exports. These exports are vital, representing Nigeria's largest source of foreign exchange and a significant contributor to government revenue. The development follows a period where regulatory agencies, including the CBN, were directed by a House of Representatives committee to provide detailed documentation on their roles in pre-shipment processes amid an investigation into export inspections and the remittance of crude oil proceeds.

Please note and ensure compliance.

— Central Bank of NigeriaDirecting all stakeholders to adhere to the new terminal allocation arrangement.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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